XLG vs. UUP
XLG (Invesco S&P 500 Top 50 ETF) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - XLG is a S&P 500 fund tracking the S&P 500 Top 50 Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, XLG returned 16.49%/yr vs 3.17%/yr for UUP. At a correlation of -0.18, they often move in opposite directions. XLG charges 0.20%/yr vs 0.75%/yr for UUP.
Performance
XLG vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, XLG achieves a 3.75% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, XLG has outperformed UUP with an annualized return of 16.49%, while UUP has yielded a comparatively lower 3.17% annualized return.
XLG
- 1D
- -1.13%
- 1M
- 0.12%
- 6M
- 2.98%
- YTD
- 3.75%
- 1Y
- 17.41%
- 3Y*
- 20.97%
- 5Y*
- 13.84%
- 10Y*
- 16.49%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
XLG vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XLG Invesco S&P 500 Top 50 ETF | 3.75% | 19.51% | 33.49% | 38.16% | -24.29% | 30.77% | 24.15% | 32.04% | -3.59% | 23.04% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between XLG and UUP is -0.26, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.17 |
Correlation (All Time) Calculated using the full available price history since Mar 1, 2007 | -0.18 |
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Return for Risk
XLG vs. UUP — Risk / Return Rank
XLG
UUP
XLG vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Top 50 ETF (XLG) and Invesco DB US Dollar Index Bullish Fund (UUP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| XLG | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.25 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.41 | 2.28 | -0.87 |
| Martin ratioReturn relative to average drawdown | 4.71 | 6.26 | -1.55 |
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Drawdowns
XLG vs. UUP - Drawdown Comparison
The maximum XLG drawdown since its inception was -52.39%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for XLG and UUP.
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Drawdown Indicators
| XLG | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.39% | -22.19% | -30.20% |
Max Drawdown (1Y)Largest decline over 1 year | -12.41% | -3.65% | -8.76% |
Max Drawdown (3Y)Largest decline over 3 years | -20.70% | -10.05% | -10.65% |
Max Drawdown (5Y)Largest decline over 5 years | -28.02% | -10.37% | -17.65% |
Max Drawdown (10Y)Largest decline over 10 years | -30.46% | -14.24% | -16.22% |
Current DrawdownCurrent decline from peak | -4.94% | -1.26% | -3.68% |
Average DrawdownAverage peak-to-trough decline | -7.63% | -8.88% | +1.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.71% | 1.33% | +2.38% |
Volatility
XLG vs. UUP - Volatility Comparison
Invesco S&P 500 Top 50 ETF (XLG) has a higher volatility of 4.83% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that XLG's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XLG | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.83% | 1.45% | +3.38% |
Volatility (6M)Calculated over the trailing 6-month period | 11.06% | 4.34% | +6.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.13% | 6.03% | +8.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.83% | 7.22% | +11.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.87% | 6.90% | +11.97% |
XLG vs. UUP - Expense Ratio Comparison
XLG has a 0.20% expense ratio, which is lower than UUP's 0.75% expense ratio.
Dividends
XLG vs. UUP - Dividend Comparison
XLG's dividend yield for the trailing twelve months is around 0.65%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
XLG Invesco S&P 500 Top 50 ETF | 0.65% | 0.64% | 0.72% | 0.97% | 1.34% | 0.94% | 1.25% | 1.58% | 2.00% | 1.85% | 2.00% | 2.09% |
Frequently Asked Questions
XLG and UUP have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLG has higher volatility (4.83%) compared to UUP (1.45%). In terms of maximum drawdown, XLG dropped -52.39% vs UUP's -22.19%.
On 10-year performance, XLG leads with 16.49% vs 3.17% for UUP. On fees, XLG is cheaper at 0.20% per year. On volatility, UUP has been the lower-risk option at 1.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLG has performed better with a 16.49% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLG is cheaper with a 0.20% expense ratio, compared with 0.75% for UUP.
UUP has the higher dividend yield at 3.25%, compared with 0.65% for XLG.
XLG is categorized as S&P 500, while UUP is Currency. XLG tracks S&P 500 Top 50 Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. Their fees differ too: 0.20% for XLG and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 1.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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